Some Serious Legal Mistakes Home Sellers Sometimes Make
If you are planning to sell your home and are considering doing it as a 'for sale by owner', there are some things to be aware of. Yes, you can save money by not paying for a listing agent. But there are definite advantages to working with a Realtor® in the sale of your home to help keep you from some legal disputes.
Here are the top 10 legal mistakes that home sellers make:
1. Accepting the highest offer without regard to the other terms in the contract.
2. Not properly handling multiple offers from multiple buyers.
3. Not properly handling back up offers.
4. Going into contract with no earnest money deposit from the buyer or a very low amount of deposit.
5. Accepting an offer before verifying the buyer’s financial ability to close escrow.
6. Not disclosing material facts that affect the value or desirability of the property.
7. Not providing the buyer with the legally required disclosures.
8. Not obtaining the buyer’s written acknowledgement of disclosures.
9. Not considering whether to require the buyer to remove contingencies.
10. Not excluding items from the sale that the seller wants to keep that a buyer might assume stays with the property.